This move reflects persistent dollar strength driven by elevated US yields and a hawkish Fed, while Japan's ultra-loose policy remains an outlier. Intervention risk is a classic macro stress point that historically leads to sharp, short-lived volatility in risk assets as carry trades unwind. For crypto, which trades as a high-beta risk asset, such episodes often cause drawdowns but can also present buying opportunities if the intervention is seen as stabilizing.

Japanese Yen

The yen breached 160 per dollar, increasing the risk of intervention by Japanese authorities.

Yen's Slide Past 160 Puts Japan Intervention in Play, Crypto on Edge

Yen's Plunge to 160 Is a Bullish Signal for Bitcoin as Japanese Investors Seek Refuge from Currency Debasement